Real Estate Emerging Leaders (REEL) hosted a conversation with Chris DeAngelis, Founder and CEO of TriArch Real Estate Group. REEL was founded by Sruly Rosenbaum of Madison, Michael Dabah founding partner at Stein Adler Dabah & Zelkowitz LLP, and Andy Weiss of Dansker Capital Group at Marcus & Millichap who led the conversation. Todd Shaw, Senior Vice President at Morgan Stanley hosted the event. REEL aims to connect young principals and provide them with relevant market information to advance their careers.
Teaching the next generation: Mr. DeAngelis shared his story of how he came to find success. At Forest City Ratner, he was able to learn and grow through the development of 8 Spruce Street, an $800+ million-dollar ground-up development in lower Manhattan designed by famed architect Frank Gehry. Chris’s advice to the audience included starting small, learning your craft and building a trusted team. He stressed the value and learning process of initially managing each property on his own, and he still maintains active management of each of the 55+ properties in his portfolio.
TriArch’s pipeline: Mr. DeAngelis is currently developing an 80-unit class A apartment building across from Columbia University in Morningside Heights. The property is purpose-built for students and will be privately-owned and leased to the multitude of students residing in the area. This is TriArch’s second student housing property in Manhattan. Their initial foray into the space was in 2016 when they acquired 98 units at the Alabama, located at 15 E 11th Street in Greenwich Village, and redeveloped the property into a state-of-the-art, fully furnished student housing property. The building is primarily leased to NYU and New School students.